Saudi Arabia and Uzbekistan Forge Economic Cooperation for Mutual Prosperity
At the third Tashkent International Investment Forum, Saudi Energy Minister Prince Abdulaziz bin Salman highlighted the strong economic cooperation between Saudi Arabia and Uzbekistan. He emphasized the commitment of both nations to enhance cooperation, especially in the energy sector, as outlined in their respective 2030 plans.
Uzbekistan President Shavkat Mirziyoyev also attended the meeting, underscoring the importance of the growing relationship between the two countries.
Prince Abdulaziz noted that the economic cooperation model between Saudi Arabia and Uzbekistan serves as a shining example, with both countries striving for economic growth, diversification, and sustainable development. This shared vision reflects a mutual commitment to building a prosperous future for both nations.
Highlighting the advancements in bilateral relations following a meeting between Crown Prince Mohammed bin Salman and President Mirziyoyev in Riyadh in 2022, Prince Abdulaziz emphasized the significance of the energy sector in strengthening ties between the two nations. He specifically mentioned the involvement of Saudi companies like ACWA Power in Uzbekistan, particularly in renewable energy projects.
The energy minister detailed the significant investments in renewable energy between the two countries, exceeding $14 billion and aiming to generate over 11 gigawatts of electricity. He commended Uzbekistan’s commitment to a fair energy transition, aligning with Saudi Arabia’s goals.
Moreover, Prince Abdulaziz highlighted the joint efforts of Saudi Arabia and Uzbekistan in addressing critical aspects of energy security, development, and conservation, as well as their collaborative roles in combating climate change.
Recently, ACWA Power secured a power purchase agreement with the National Electric Grid of Uzbekistan for the Aral five-gigawatt wind power project worth SR18.2 billion ($4.85 billion). Additionally, ACWA Power obtained an $80 million equity bridge loan from the Bank of China for its projects in Uzbekistan, including the Tashkent 200 megawatts solar photovoltaic power plant and 500 MW per hour battery energy storage system project.
ACWA Power’s successful transactions in Uzbekistan were a result of an initial agreement reached during the 3rd Belt and Road Forum summit in October 2023, where the company was represented by its chairman as a keynote speaker.